On one order, correct, but it's still on the order of hundreds of millions to billions.
Also, keep in mind that a stock price discounts expected future cash flows. Is it likely that SpaceX will have a near-peer competitor within a few years? No, it's not, and that market share is being priced-in.
I've seen the ins-and-outs of academia within an R1 research institution from about as top-level as one can while remaining a student, and my idea is based on extensive interface with the reality of academia.
Your observation that the doctoral degree system has always been that way is precisely my point: the world has changed, and new forms of training are needed to complement the paper-publishers. The PhD system is broken in part because it's catering to multiple audiences when it should regain its focus on its core mission. That being said, many people want to do research but don't want to work in academia; in fact, I think their numbers are far greater than the academia-oriented. My idea caters to those people, and I think all parties (students, schools, industry, government, the general public) will benefit in this arrangement with almost no drawbacks.
From a degree-focused perspective, it's somewhat unusual that U.S. universities almost exclusively assign PhDs, save for the professional degrees (e.g., MD, PharmD, JD). Multiple types of bachelors and masters degrees exist, and those degrees are certainly differentiated from one another. In some European countries, the ScD is a terminal degree higher than a PhD.
A few years ago, when I was actively involved with the academic world, I came to a similar realization. They're trying to do too many things at once. Universities need to acknowledge this reality and adjust.
After thinking about it, I came up with a straightforward solution (at least in STEM): offer more than one type of of doctoral degree. Every program will have at least two doctoral programs: a Doctor of Philosophy, and a Doctor of Science/Engineering/Mathematics/etc.
The Doctor of Philosophy (PhD) program is academia at its core, where the students in this doctoral program are explicitly seeking an academic teaching or research position as their career path. The coursework and educational activities are explicitly aligned for this area.
The Doctor of Science/Engineering/Mathematics is focused on creating a top-of-the-line researcher intended for industry or an FFRDC. Those students receive a different type of education which explicitly gives them the deeper research skills and connections needed to become an accomplished industry researcher.
The two programs are equally rigorous but have different end goals in mind. This specialization is overdue, and most departments already have a fuzzy line separating the "academics" from the "practitioners."
I knew a foreign student like that. He was a great guy and a friend, and we worked in the same building. One day, I told him that I purchased a condo to save money during the doctoral program (in my unique situation, my mortgage was less than basically all other grad student's rent, at least those I knew). A little while later, he told me that he also purchased a condo. I asked him about his mortgage rate, and he gave me a puzzled look. His well-off family paid >$250k, cash, for his condo.
In general, pursing a doctoral degree requires a certain degree of financial stability. The successful doctoral students usually came from wealthy families, whereas the ones who struggled the most also struggled with finances. I believe it's essentially impossible to perform truly novel academic research when your personal finances are volatile. I also firmly believe that graduate student unionization is an elitist mentality that must be unilaterally opposed, as it is guaranteed to destroy any constructive academic culture.
Consider Person A, who is self-interested and may use a secret recording against you, even if you're following all rules and acting ethically. Additionally, consider if Person A is neutral but shares the recording with Person B, who unbeknownst to Person A, is actually out to get you.
> can they knowingly allow their child to do something harmful and then sue because it turned out poorly
That likely depends on how that "something" was publicly marketed to both parents and children based on the company's available information. Our laws historically regulate substances (and their delivery mechanisms) which may lead to addition or are very easy to misuse in a way which leads to permanent harm (see: virtually all mind-altering substances); even nicotine gum is age-restricted like tobacco products. Because nicotine is generally considered an addictive substance, it's regulated, but few reasonable people would argue that parents should be allowed to buy their children nicotine gum so their kids calm down.
Consider how, decades ago, the tobacco companies were implicated in suppressing research demonstrating that tobacco products are harmful to human health. The key here will be if ByteDance has done the same thing.
Also, to play off your point on cheeseburgers: remember the nutritional quality of one cheeseburger versus another will vary. If made with top-quality ingredients (minimally-processed ingredients, organic vegetables, grass-fed beef, etc.), a cheeseburger is actually quite nutritious. However, in a hypothetical situation where a fast-food chain was making false public claims about the composition of their cheeseburgers (e.g., lying about gluten-free buns or organic ingredient status), and someone is harmed as a consequence, the victim might have standing to sue the fast food chain.
Just because something is common and widespread doesn't mean it should continue to be common and widespread, though it will continue to happen due to human nature. And yet, people striving to be constructive and positive won't celebrate the death of a stranger. "Do unto others as you would have them do unto you" is a cultural lodestar found globally for a very good reason: cheering the death of others may lead to others hoping to cheer your death, and that potential is enough to significantly curtail offers of constructive and positive assistance from the victims to the perpetrators, leading to a gradual social degradation within the perpetrators. Certainly remember and even memorialize a person's death, but the exaltation of a person's death is a sure path to cultural collapse.
Now, that's assuming people are one unified group. In reality, most people are forced into an "in" group or an "out" group. The "in" group exalts the death of the "out" group member, so the "out" group members must respond in kind. That eventually leads to the degradation of both groups, leaving the "above" and "beyond" groups with the remnants. In turn, the destructive and negative conflict continues.
Microsoft has many intelligent people who work there and certainly do many risk vs. reward calculations for each modification to Windows. From Microsoft's perspective, they have much more control over the OS when everyone's linked to a cloud account. I morally disagree with that approach, but the security issues with Windows come from unpatched systems. They tried to win over software developers by creating WSL, but the privacy- and security-minded software developers never really bit.
Also, consider that Microsoft's future is obviously pivoted toward cloud infrastructure. Yes, they smartly have other ventures, but all those ventures will rely on Microsoft cloud infrastructure in some way. Server farms are a much better business model, from Microsoft's perpective, especially because it pulls Microsoft into the domains of true wealth: land acquisition, energy production, and data mining.
Some years ago, I snagged a great deal on some Sennheiser HD600s. After also acquiring a Schiit stack (Magni + Modi) and finding high-quality audio sources, I would close my eyes, lay down on the couch, and just listen...actually, I'll call it perceive the music. No other audio experience compares, just like a huge screen which fills your vision is truly the best way to experience a movie.
Virtually all people on the planet perceive the world with their eyes but push the other four physical senses into the background. There's good reason for this reality, of course: of our five physical senses, the eyes are capable of providing the richest information. And yet, most discussion around increasing perceptual abilities are vision-centric. Learning to perceive with your ears, smell, touch, and taste in addition to eyes should also be learned.
Also, keep in mind that a stock price discounts expected future cash flows. Is it likely that SpaceX will have a near-peer competitor within a few years? No, it's not, and that market share is being priced-in.